Question

Loui want to take out a $14,000 loan with a 6. 8% APR. He can afford to pay no more than $400 per month for loan payment. What would be the length of hi loan? Round to the nearet tenth of a year

Answer 1

Loui want to take out a $14,000 loan with a 6. 8% APR. He can afford to pay no more than $400 per month for loan and Hence the length becomes 35+ 6.94 =41.94 months

loui want to take loan = $ 14000

rate 6.8%

interest = 14000* 6.8/100

          = $952

if loui will pay $400 each month

then $14000/400 = 35 months

that is in 2 years 11 months = 35 months

interest in 35 months will be 2776.6667

and he will pay in 6.94 months

Hence the length becomes 35+ 6.94 =41.94 months

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